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Some of Britain’s high streets will “never recover” as retailers and people
continue to flock to large shopping centres and retail parks, Land
Securities warned yesterday. Britain’s largest property company said that
the retail sector was undergoing “unprecedented change”.

Rob Noel, the chief executive who took over in March from Francis Salway,
said: “Certain retailers, locations and assets have the potential to thrive
... In contrast, many locations have empty space which may never be
reoccupied by retailers.”

He made the remarks as Land Securities reported that its full-year, pre-tax
profit had dropped 58 per cent from £1.2 billion to £515.7